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Small businesses are types of corporations, partnerships, or sole proprietorships which have a small number of employees and/or less annual revenue than a regular-sized business or corporation. Businesses are defined as "small" in terms of being able to apply for government support and qualify for preferential tax policy. The qualifications vary depending on the country and industry. Small businesses range from fifteen employees under the Australian Fair Work Act 2009, fifty employees according to the definition used by the European Union, and fewer than five hundred employees to qualify for many U.S. Small Business Administration programs. While small businesses can also be classified according to other methods, such as annual revenues, shipments, sales, assets, annual gross, net revenue, net profits, the number of employees is one of the most widely used measures.
A business incubator is an organization that helps startup companies and individual entrepreneurs to develop their businesses by providing a fullscale range of services, starting with management training and office space, and ending with venture capital financing. The National Business Incubation Association (NBIA) defines business incubators as a catalyst tool for either regional or national economic development. NBIA categorizes its members' incubators by the following five incubator types: academic institutions; non-profit development corporations; for-profit property development ventures; venture capital firms, and a combination of the above.
A social enterprise is an organization that applies commercial strategies to maximize improvements in financial, social and environmental well-being. This may include maximizing social impact alongside profits for co-owners.
The Asian Institute of Management (AIM) is a management school and research institution in Makati, the Philippines. Established in partnership with Harvard Business School, it is one of the few business schools in Asia to be internationally accredited with the Association to Advance Collegiate Schools of Business (AACSB). Stephen H. Fuller of the Harvard Business School was its first president. It was described by Asiaweek magazine as the best in the Asia-Pacific region in terms of executive education.
Social venture capital is a form of investment funding that is usually funded by a group of social venture capitalists or an impact investor to provide seed-funding investment, usually in a for-profit social enterprise, in return to achieve an outsized gain in financial return while delivering social impact to the world. There are various organizations, such as Venture Philanthropy (VP) companies and nonprofit organizations, that deploy a simple venture capital strategy model to fund nonprofit events, social enterprises, or activities that deliver a high social impact or a strong social causes for their existence. There are also regionally focused organizations that target a specific region of the world, to help build and support the local community in a social cause.
A shared-use kitchen is a licensed commercial space that is certified for food production. Renters or members can use the kitchen by the hour or day to produce food while fulfilling regulatory compliance. Food entrepreneurs, ranging from chefs, caterers, food trucks proprietors, bakers, to value-added producers, can benefit from the shared kitchen instead of spending capital to build or lease their own facility. A commissary kitchen is an example of a shared-use kitchen that provides kitchen rentals. Kitchen incubators, also known as culinary incubators, also provide kitchen rental but can provide additional services like business development training, and access to services such as legal aid, packaging, label printing, and distribution.
Kathryn A. Finney is an American author, researcher, investor, entrepreneur, and businesswoman. She is the founder of Genius Guild, a $20 million dollar venture fund & studio that invests in Black entrepreneurs building scalable businesses that serve Black communities and beyond. She is also founder and Board Chair of The Doonie Fund, a social platform that provides micro-investment to Black women entrepreneurs. Finney first made her mark as a tech entrepreneur when she sold “The Budget Fashionista” after running the site-turned-media company for 11 years.
Entrepreneurship is the creation or extraction of economic value in ways that generally entail beyond the minimal amount of risk, and potentially involving values besides simply economic ones.
The Meltwater Entrepreneurial School of Technology (MEST) is an Africa-wide technology entrepreneur training program, seed fund, and incubator headquartered in Accra, Ghana. The three-phased institution was founded in 2008 to provide training, investment, and mentoring for aspiring technology entrepreneurs with the goal of creating globally successful companies that create wealth and jobs locally in Africa.
Startup accelerators, also known as seed accelerators, are fixed-term, cohort-based programs, that include mentorship and educational components, and culminate in a public pitch event or demo day. While traditional business incubators are often government-funded, generally take no equity, and rarely provide funding, accelerators can be either privately or publicly funded and cover a wide range of industries. Unlike business incubators, the application process for seed accelerators is open to anyone, but is highly competitive. There are specific accelerators, such as corporate accelerators, which are often subsidiaries or programs of larger corporations that act like seed accelerators.
The Louisiana Business & Technology Center (LBTC) at Louisiana State University plays an important role to the state's flagship university, Louisiana State University as a part of LSU's Office of Research and Economic Development. LBTC's primary goal is to increase the economic growth of Louisiana by enhancing the development of small businesses and assisting in the development of new businesses. The center is ranked among the top ten entrepreneur programs in the nation. In 1988 it was jointly funded through LSU and the Greater Baton Rouge Chamber of Commerce to foster economic growth in Louisiana by providing businesses with applications and tools necessary for growth and survival in the real world. It comprises the Louisiana Technology Transfer Office (LTTO), the LBTC Business Incubator, and the LSU Student Incubator.
Jane Marie Chen is the co-founder of Embrace, a social enterprise startup that produces a low-cost infant warmer, that gives premature and low-birth-weight infants a better chance at survival.
EquityNet is a crowdfunding platform that helps privately-held companies raise capital from accredited investors. Founded in 2005, the company is headquartered in Salt Lake City, UT.
Sageworks is a private financial information company headquartered in Raleigh, North Carolina. Founded in 1998, Sageworks provides financial analysis and risk management software, in addition to creating products for commercial lenders. It collects financial information on the private sector by aggregating data from large accounting firms. The company also publishes "private company indicator" reports, which analyze activity and profitability in certain market segments. The firm is a private business key executives include co-founder and chairman Brian Hamilton and CEO Scott Ogle.
1871 is a non-profit digital startup incubator located in the Merchandise Mart, Chicago, Illinois. The organization was founded in 2012 by J. B. Pritzker and is the flagship project of The Chicagoland Entrepreneurial Center (CEC), a non-profit organization that supports entrepreneurs on their path to building high-growth, sustainable businesses that serve as platforms for economic development and civic leadership. Led by CEO Betsy Ziegler, 1871 has become a major hub of Chicago's technology and entrepreneurial ecosystem and hosts over 400 early-stage companies as well as nationally recognized accelerators, industry-specific incubators, and tech talent schools. 1871 was recognized in 2019 by UBI Global as the Top Private Business Incubator in the World and Most Promising Incubator for Women Founders.
In the US, Black-owned businesses, also known as African American businesses, originated in the days of slavery before 1865. Emancipation and civil rights permitted businessmen to operate inside the American legal structure starting in the Reconstruction Era (1863–77) and afterwards. By the 1890s, thousands of small business operations had opened in urban areas. The most rapid growth came in the early 20th century, as the increasingly rigid Jim Crow system of segregation moved urban Blacks into a community large enough to support a business establishment. The National Negro Business League—which Booker T. Washington, college president, promoted—opened over 600 chapters. It reached every city with a significant Black population.
The Anacostia Arts Center is a multi-use arts space located at 1231 Good Hope Road SE in the Anacostia Historic District of Washington, D.C.. Anacostia Arts Center, also known as the AAC, is a home for the arts, culture, and small businesses, where the physical space is used to employ and nourish the local arts and creative economy. Within the Anacostia Art Center, community members will find our Black Box Theater, a café, and a lounge area. On the lower level, you will meet the entrepreneurs participating in the co-working space, The HIVE, dedicated to supporting and employing the local arts and creative economy.
Kevin Donald Lustig is an American scientist and entrepreneur and founder of three life science companies: the pharmaceutical company Kalypsys in 2001; the online research marketplace Scientist.com in 2007; and the non-profit lab incubator Bio, Tech and Beyond in 2013.
York Entrepreneurship Development Institute (YEDI) is a venture fund, startup accelerator, incubator and entrepreneurial community located within York University in Toronto, Ontario, Canada. YEDI facilitates collaboration between students, alumni, and academic and business leaders. The organization was founded in 2013 by businessman Dr. Marat Ressin, a native of Russia with close ties to the Jewish community in Canada.
CIIE.CO is an Indian startup accelerator and incubator that supports early-stage startups located at IIM Ahmedabad in Ahmedabad, India. It was founded in 2002 to promote innovation and entrepreneurship in India. It is a Center of excellence set up at Indian Institute of Management Ahmedabad with support from the Government of India's Department of Science and Technology and the Government of Gujarat.
References
- 1 2 Hobbs, Ashley. "Dr. Lakeysha Hallmon Launched An All-Black Marketplace Without A Dollar From Investors". Essence.
- 1 2 Garrett, Brianne. "Inspired By Tulsa, Black Leaders Are Defining What Black Wall Street Means Today—In Its Many Forms". Forbes.
- ↑ Hallmon, Lakeysha (1 October 2015). "Exploring the Relationship between Cultural Intelligence and Teacher Burnout in the Mississippi Delta". Doctoral Dissertations and Projects.
- 1 2 Webb, Nicole (31 October 2019). "Educator Creates The Village Market ATL for Black Business Owners to Prosper". Black Enterprise.
- 1 2 Grace, Alexis (19 April 2022). "HBCU Graduate launches Incubator to provide support for Mississippi Small Business". The Atlanta Voice.